What is going to happen to America's dead malls? That's a million-dollar question plaguing retailers and real estate developers. With a report circulating earlier this month that the biggest U. Penney department stores into fulfillment centers, many industry analysts have been pontificating on the future of malls as logistics hubs.
The consensus seems to be that turning old retail space into new warehouses might not be so easy, even though it might seem like a logical solution. Demand for logistics buildings is skyrocketing as e-commerce sales balloon.
But the hurdles include the need to have properties rezoned, which could be met with pushback from local municipalities. Demand for various commercial real estate asset types is expected to shift noticeably because of the coronavirus pandemic , with more people now working from home, flocking to the suburbs for space and buying online things they used to browse for in stores.
Industrial development, meantime, is expected to pick up 3. The firm did find five markets where it said it would make the most sense to covert vacant retail space into warehouse space, based on where retail has been underperforming and where warehouse demand is hot.
Do American consumers still shop at malls? While the United States is not home to the largest shopping mall in the world, it was the leading country for per capita shopping center retail sales. Americans continue to shop at malls, instead of switching to online shopping, as malls are seen as a one-stop shopping experience where one can visit multiple retailers and make several purchases at one location.
Another attraction of malls for U. You need a Single Account for unlimited access. Full access to 1m statistics Incl. Single Account. View for free. Show source. Show detailed source information? Register for free Already a member? Log in. More information. Other statistics on the topic. General Merchandise United Kingdom: retail footfall change in high streets Shopping Behavior Online and high street shopping among UK consumers in Shopping Behavior Frequency of online and in-store fashion and footwear purchases UK Profit from additional features with an Employee Account.
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Save statistic in. XLS format. PNG format. Department store operator J. Penney is still trying to emerge from bankruptcy as a smaller business. Stage Stores could be forced to liquidate if it does not find a buyer. Signet , the owner of jewelry brands including Kay, Zales and Jared, said Tuesday that it will close as many as locations, as its sales plummeted due to the pandemic. Even Macy's said it could "accelerate" its store closure plans, but it is still working through that with its landlords.
A record 25, store closures are expected to be announced by retailers this year, according to a report by Coresight Research. Skip Navigation.
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